Bolted, segmented cylindrical shells are a common structural component in many engineering systems especially for aerospace launch vehicles. Segmented shells are often needed due to limitations of manufacturing capabilities or transportation issues related to very long, large-diameter cylindrical shells. These cylindrical shells typically have a flange or ring welded to opposite ends so that shell segments can be mated together and bolted to form a larger structural system. As the diameter of these shells increases, maintaining strict fabrication tolerances for the flanges to be flat and parallel on a welded structure is an extreme challenge. Local fit-up stresses develop in the structure due to flange mating-surface mismatch (flange waviness). These local stresses need to be considered when predicting a critical initial flaw size. Flange waviness is one contributor to the fit-up stress state. The present paper describes the modeling and analysis effort to simulate fit-up stresses due to flange waviness in a typical bolted, segmented cylindrical shell. Results from parametric studies are presented for various flange mating-surface waviness distributions and amplitudes.